Maveer Singh, a resident of Noida, was arrested by Bengaluru police on Tuesday, March 26, for duping 34 people to a tune of Rs 4.5 crore in a fake insurance scam. Singh allegedly created a near-perfect replica of a popular insurance company's website, targeting unsuspecting residents in Bengaluru. He convinced the victims to purchase life insurance policies and then ran away with their money.
The scam was unearthed after a victim filed a complaint with the Cyber Economic and Narcotics Crime (CEN) police in Bengaluru. The victim had paid a premium for a life insurance policy purchased through Singh. The accused later started avoiding the calls and the website was inaccessible.
Following the complaint, the CEN Police launched an investigation and traced Singh to Noida. According to police, during interrogation, he confessed to creating the fake website and revealed he had multiple accomplices who helped him collect customer documents like Aadhaar cards and PAN cards.
Singh's modus operandi involved creating fake insurance bonds after receiving the premium payments. These seemingly legitimate documents further deceived the victims who continued paying premiums into Singh's accounts.
The Bengaluru Police have frozen six bank accounts belonging to Singh and are currently searching for his associates in the city. They are also in the process of contacting all 34 victims to facilitate the return of their stolen funds.